environment noecho calendar 1960 1 4 allocate 2012:03 open data sw_var_data.xls data(format=xls, org=columns) 1960:1 2013:2 inf ur rff print / inf ur rff comp eststart = 1960:1 comp estend = 2012:3 comp nhoriz = 40 system(model=fed) variables rff ur inf lags 1 to 4 det constant end(system) estimate eststart estend impulse(model=fed, steps=nhoriz, results=imp, cv=%sigma) spgraph(vfield=3,hfield=3, $ header="Figure 2: IRFs From Recursive VAR, First Identification", subheader="Order is Interest Rate, Unemployment, Inflation") graph(number=0, header="Inflation Response to Inflation Shock") 1 # imp(3,3) 1 nhoriz 2 graph(number=0, header="Inflation Response to Unemployment Shock") 1 # imp(3,2) 1 nhoriz 2 graph(number=0, header="Inflation Response to Interest Shock") 1 # imp(3,1) 1 nhoriz 2 graph(number=0, header="Unemployment Response to Inflation Shock") 1 # imp(2,3) 1 nhoriz 2 graph(number=0, header="Unemployment Response to Unemployment Shock") 1 # imp(2,2) 1 nhoriz 2 graph(number=0, header="Unemployment Response to Interest Shock") 1 # imp(2,1) 1 nhoriz 2 graph(number=0, header="Interest Rate Response to Inflation Shock") 1 # imp(1,3) 1 nhoriz 2 graph(number=0, header="Interest Rate Response to Unemployment Shock") 1 # imp(1,2) 1 nhoriz 2 graph(number=0, header="Interest Rate Response to Interest Shock") 1 # imp(1,1) 1 nhoriz 2 spgraph(done)